Formal institutions, human development and entrepreneurship: A comparative study between countries with a high level of development and the countries of the Pacific Alliance

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Cesar Ignacio Leon Quillas
Hector Fernando Rueda Rodriguez
Carlos Hernan Gonzalez Campo


institutions, human development, economic freedom, entrepreneurship


The paper proposes a comparison between countries with a high level of development (Australia, United Kingdom, Canada, United States, Sweden, and Finland), and the four countries that make up the Pacific Alliance (Colombia, Mexico, Peru, and Chile). The objective is to find possible relationships between formal institutions, the level of entrepreneurship, and human development. The type of study is descriptive, with correlational scope. The research uses information from the World Bank's governance indicators for 2018, the Heritage Foundation's Index of Economic Freedom (2018), the Global Entrepreneurship Index (2018), and the United Nations Development Program's Human Development Index (2018). The results present the identified comparisons and correlations. The main conclusion is the relationship between the quality of formal institutions and the level of human development in the countries analyzed.


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